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$118M Rennert Verdict Serves As Costly Cautionary Tale

The jury verdict Friday that found Ira Rennert and his firm liable for $118 million from Magnesium Corp. of America’s 2001 bankruptcy stands as a stark warning for insiders to tread carefully when extracting money from a company, lest they land on a particularly pricey hook if it ends up insolvent, experts said.

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  • Rennert Hit With $118M Verdict Over MagCorp Bankruptcy

    A New York federal jury found Ira Rennert liable on Friday for contributing to Magnesium Corp. of America’s 2001 bankruptcy, ordering the billionaire industrialist and his firm to pay $118 million in damages for taking shareholder dividends that allegedly left MagCorp too weak to survive.

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